Photo by Steven B Smith Photography
SMART MOVES Recommendations from Realtor Julie Lane
The residential real estate market remains hot in St. Louis and according to Julie Lane, an agent with Janet McAfee Real Estate focusing on the luxury market, there are tactics sellers and buyers can use to increase the likelihood of a win-win situation. “Sellers and buyers are watching the market right now -- you can’t fool anyone. Both sides need to be prepared,” she says. “This is still a good time to sell -- no telling how long the market will be like this however. If looking to capitalize on the market, be ready to go now.” “The competition is fierce,” she continues. “Every market is local and what’s happening in one city does not affect the other. In St. Louis, luxury homes are selling but there is not a lot of inventory available right now. We look at sales and listing statistics regularly for the luxury market ($1 million plus). In the past year, 675 homes were sold in that category. Today, the inventory is only about 192 listings.” “By win-win, I mean that sellers are able to sell their homes for the most in the least amount of time and buyers feel the home they bought is a good value and checks as many of their boxes as possible,” Lane says. She outlines a few things buyers and sellers should consider implementing. 22 slmag.net
“For buyers, pick a broker who can negotiate for you -- one who knows how to finesse the components of the nine-page standard contract.” Lane points out the baked-in contingencies that can be manipulated to get the outcome you want. For example, offering the highest price is not always the best strategy. “There are lots of levers to push besides price. I have been pleasantly surprised at how buyers have negotiated the various contingencies to get the houses they want and not always paid the top price offered. It makes a huge difference.” Lane relates the story of one house that received 10 contracts – all of which were overbids. “Sometimes there has been no more than an hour turn-around on a contract. In this instance, we took the contract with the fewest contingencies even though all were overbids.” Lane has specific recommendations for sellers. “It is important for sellers to manage the expectations of the buyers from the beginning,” she says. “Brand your house to differentiate it from the other homes they are viewing -- how it smells, feels to people who enter, what they see. People pay attention to their emotions when house hunting. Sure, they have a list of must-haves, but it is important that your home reflect a lifestyle to which they can relate to and enjoy in that house.”
